MeritValue

Citizens Community Bancorp Inc.

CZWIdata completeness 100%17 fiscal years on file
The thesis, from the filings

Citizens Community Bancorp Inc. earns about 29% on invested capital, far above its ~9% cost of capital, but has diluted owners by 92256% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $15.08 and $23.72 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$64M1$69.4M2$84.2M3$89.6M4$87.6M4
Net income$21.3M5$17.8M6$13.1M7$13.8M8$14.4M8
Operating cash flow$21.6M9$29.3M10$13.1M11$20.4M12$11.7M12
Capital expenditure$3.78M13$3.6M14$1.37M15$889,00016$1.31M16
Free cash flow (derived)$17.8M9$25.7M10$11.8M11$19.5M12$10.4M12
Total debt———$66.6M17$51.8M17
Cash & equivalents$47.7M18$35.4M19$37.1M20$50.2M21$118.9M21
Diluted shares10,72710.5M10.5M10.3M9.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$189.7
your share of equity
Profit it earned you last year
$14.56
Free cash flow it threw off
$10.48
Debt you’d be carrying
$52.29

10 shares is a claim on $189.7 of net worth that earned you $14.56 and generated $10.48 of cash last year, against $52.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
29% avg · 5y
FY21 23%FY22 21%FY23 28%FY24 26%FY25 47%

It earned about 29% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+92256% shares · 5y

Share count is up 92256% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 22% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $15.08 and $23.72 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$22.45
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$11.8M
DCF · Growth Exit 5Y
$23.72
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$11.8M
Earnings Power Value
$15.08
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$14.4M
  • growthAssumed0.0%
Graham Number
$24.96
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $23.72
The three cases
Bear0.0%$23.72
Base0.0%$23.72
Bull5.0%$27.83

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001367859-23-000077 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001367859-24-000046 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001367859-25-000033 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001367859-26-000017 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001367859-23-000077 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001367859-24-000046 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001367859-25-000033 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001367859-26-000017 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001367859-23-000077 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001367859-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001367859-25-000033 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001367859-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001367859-23-000077 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001367859-24-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001367859-25-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001367859-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001367859-26-000017 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001367859-23-000077 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001367859-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001367859-25-000033 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001367859-26-000017 (CashAndCashEquivalentsAtCarryingValue)